Annual Report 2020

122 Transport International Holdings Limited 2020 Annual Report Corporate Governance Report Internal Control Framework The Group’s Internal Control Framework is monitored, managed and reviewed by the following bodies: The Board Has the ultimate responsibility for the Group’s risk management and internal control systems; Reviews the effectiveness of the Group’s risk management and internal control systems in achieving the Group’s objectives; and Provides direction on the risk management and internal control culture. The Audit and Risk Management Committee Assists the Board in monitoring the performance of the Group’s risk management and internal control systems; Reviews the Group’s internal control and risk management reports prior to endorsement by the Board; Reviews the effectiveness of the Company’s external and internal audit functions; and Ensures staff are appropriately trained for their relevant positions to ensure that they carry out their duties in accordance with the requirements of good internal control practices. Management Designs, implements and maintains an effective internal control system, including the Group’s Quality Management System; and Ensures a proper reporting channel so that emerging risks are reported to the Audit and Risk Management Committee in a timely manner. The Internal Audit Department Supports the Audit and Risk Management Committee in reviewing the effectiveness of the Group’s risk management and internal control systems; Works with business units to ensure sound internal controls and compliance functions are in place; and Conducts independent reviews and other special investigations requested by the Board, the Audit and Risk Management Committee and the Management.